Napolean Corporation started business on January 1, 2016. The following information was compiled by Napolean’s accountant on December 31, 2016:Sales Revenue $6,000 Equipment, net $4,500Expenses 3,600 Building, net 12,000Dividends 900 Accounts Payable 1,200Cash 450 Notes Payable 9,900Accounts Receivable 750 Common Stock 6,000Inventory 900 Retained Earnings ? NAPOLEAN CORPORATIONStatement of Stockholders' EquityFor Year Ended December 31, 2016CommonStockRetainedarningsTotalBalance, January 1, 2016Add: Net Income for 20162,4002,400Add: Issuance of Common Stock6,0006,000(900)7,5006,000Less: Dividends paid(enter as a negative)(900)(900)Balance, December 31, 20165,100 $7,500

As a first step, the net income earned during the year shall be computed by deducting the expenses…

NAPOLEAN CORPORATION Statement of Stockholders' Equity For Year Ended December 31, 2016 Common Stock Retained arnings Total Balance, January 1, 2016 Add: Net Income for 2016 2,400 2,400 Add: Issuance of Common Stock 6,000 6,000 (900) 7,500 6,000 Less: Dividends paid (enter as a negative) (900) (900) Balance, December 31, 2016 5,100 $ 7,500

NAPOLEAN CORPORATION Statement of Stockholders' Equity For Year Ended December 31, 2016 Common Stock Retained arnings Total Balance, January 1, 2016 Add: Net Income for 2016 2,400 2,400 Add: Issuance of Common Stock 6,000 6,000 (900) 7,500 6,000 Less: Dividends paid (enter as a negative) (900) (900) Balance, December 31, 2016 5,100 $ 7,500

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter10: Stockholder's Equity

Section: Chapter Questions

Problem 93.6C

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